I can’t wait for the release of the next iPhone, not because I want one, but because there are too many rumors to keep track of. They seem to appear from all avenues, but the most believable have to be those coming directly from manufacturers working to produce the new smartphone.

The latest news coming out of Korea is that Apple is busy having two new smartphones manufactured. The first is a cheap model of the iPhone 4 that will only include 8GB of on-board storage. Coupled with iOS 5 and iCloud it makes sense that Apple can get away with less local storage to save on costs. It also offers the company a way to target other markets that can’t afford the higher price of the older iPhone 4 models, for example, the great untapped Chinese market which is currently only catered to by handful of official Apple Stores.

It is expected this new, cheap model could be offered for $150, but then you have to ask what else has Apple cut to get to that price point? Is it just a case of other components becoming progressively cheaper to manufacturer?

We are also expecting an iPhone 5 to be launched, but it now looks like it may leave a few Apple fans disappointed. Rather than the tapered design we’ve seen mock-ups of, it will just be the iPhone 4S, which is basically the iPhone 4 with a larger edge-to-edge touchscreen, better antenna design, and an 8-megapixel camera. We should also expect an A5 chip making for a better performing handset.

Will it be called the iPhone 5? Probably, but this is clearly going to be an evolution of the existing phone rather than a revolutionary step. We’ll be waiting until the iPhone 6 for that radical redesign it seems.